Peugeot Citroen Blames Fall
In '96 Profit on Overcapacity

PARIS -- French auto maker PSA Peugeot Citroen said net profit fell 57% in 1996 despite a pickup in sales and warned that 1997 could be even more difficult.

The company, which makes both Peugeot and Citroen cars, said net slumped to 734 million francs ($125.3 million) in 1996 from 1.7 billion francs a year earlier, even though revenue rose 5.2% to 172.7 billion francs from 164.2 billion francs and unit sales rose 7.6% to a little over...